The feminist success of Lijjat Papad: How the venture started by seven women in 1959 employs thousands today
Lijjat's commitment to women's empowerment reflects its inconspicuous beginnings, when seven housewives gathered on a Mumbai rooftop one sunny morning to prepare four packets of papads. They ran the business on a shoestring budget, with annual sales in 1959 amounting to just over Rs 6,000, a fraction of their current revenue.
Market Roundup: Sensex jumps 260 pts, Nifty tops 14,550; today's top gainers and losers
After gyrating 877 points during the day, the 30-share BSE index ended 259.62 points or 0.53 per cent higher at 48,803.68
World stocks soar to fresh peaks, dollar slips
By Herbert Lash and Tom Arnold NEW YORK/LONDON (Reuters) - Major global stock indexes scaled new peaks on Wednesday after upbeat U.S. and European earnings pointed to a strong recovery from the coronavirus pandemic, while the dollar dipped to three-week lows as Treasury yields held below recent highs. High-flying growth stocks declined on Wall Street, sending the benchmark S&P 500 and Nasdaq lower in afternoon trade, while underpriced value stocks rose, lifting the Dow to a new record.
Bernie Madoff, disgraced Ponzi schemer, dies at 82
By Jonathan Stempel and Bill Trott NEW YORK (Reuters) - Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said.
U.S. import prices increase solidly, seen temporarily boosting inflation
By Lucia Mutikani WASHINGTON (Reuters) - U.S. import prices increased more than expected in March, lifted by higher costs for petroleum products and tight supply chains, the latest sign of inflation heating up as the economy reopens. The report from the Labor Department on Wednesday followed on the heels of data this month showing a surge in producer and consumer prices in March.
U.S. Senate votes 53-45 to confirm Gary Gensler as Biden's SEC chief
By Katanga Johnson WASHINGTON (Reuters) - The U.S. Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country's top securities markets regulator, spelling a tougher regulatory regime for Wall Street
World stocks rally to record highs, dollar slips
By Herbert Lash and Tom Arnold NEW YORK/LONDON (Reuters) - Key global stock indexes scaled new peaks on Wednesday after upbeat U.S. and European earnings pointed to a strong recovery from the coronavirus pandemic, while the dollar dipped to three-week lows as Treasury yields held below recent highs
European powers warn Iran over 'dangerous' uranium enrichment move
By John Irish PARIS (Reuters) - The European countries party to the Iran nuclear deal told Tehran on Wednesday its decision to enrich uranium at 60% purity, bringing the fissile material closer to bomb-grade, was contrary to efforts to revive the 2015 accord. But in an apparent signal to Iran's arch-adversary Israel, which Tehran blamed for an explosion at its key nuclear site on Sunday, European powers Germany, France and Britain added that they rejected "all escalatory measures by any actor".
Angry Indian traders counter Amazon summit with own event
By Aditya Kalra NEW DELHI (Reuters) - Thousands of Indian small businesses will organise an event this week in protest at the business practices of foreign e-tailers like Amazon.com Inc, taking a dig at the U.S. group's summit with their own event. Starting Thursday, Amazon is organising a virtual summit in India named "Smbhav", which phonetically means "possible" in Hindi, to showcase opportunities offered by the U.S.
Wells Fargo starts to emerge from sales scandal as first quarter profits jump
By Noor Zainab Hussain and David Henry (Reuters) - Wells Fargo & Co beat Wall Street profit expectations on Wednesday as it reduced bad loan provisions and reined-in costs, signalling the bank may finally be emerging from a sales practices scandal that has dogged it for nearly five years. Profits at the country's fourth-largest lender rebounded to nearly $5 billion in the first quarter of 2021 as the improved economic outlook allowed it to cut its cushion for losses on pandemic-hit loans by $1.6 billion, and as it got a grip on costs relating to fixing its product mis-selling scandals. It remained unclear, though, how much longer the bank expects to operate under a regulatory asset cap, which has curtailed loan and deposit growth needed to boost interest income and cover costs, while rival balance sheets have swelled.
JPMorgan profits on capital markets in a cash-flush economy
By Anirban Sen and Elizabeth Dilts Marshall (Reuters) - JPMorgan Chase & Co's first-quarter results on Wednesday laid bare the challenge big banks face in this phase of the pandemic, where stimulus programs have left individuals and businesses in good financial shape but so flush with cash that few of them need loans. The biggest U.S. bank sailed past Wall Street expectations by reporting a nearly 400% increase in quarterly profit.
Maharashtra shuts most manufacturing, restricts e-commerce to fight COVID-19
By Rajendra Jadhav MUMBAI (Reuters) - India's richest state Maharashtra will impose stringent curbs on industry and e-commerce for 15 days to slow rising coronavirus infections, its chief minister said on Tuesday, a move that is set to cripple manufacturing and other businesses in the region. Maharashtra - home to India's financial capital Mumbai - has been the country's worst hit state due to the coronavirus, accounting for about a quarter of India's 13.5 million cases. On Tuesday, Maharashtra reported 60,212 new COVID-19 infections.
U.S. pauses use of J&J vaccine over rare blood clots, rollout delayed in Europe
By Michael Erman and Manas Mishra (Reuters) -U.S. federal health agencies on Tuesday recommended pausing use of Johnson & Johnson's COVID-19 vaccine for at least a few days after six women under age 50 developed rare blood clots after receiving the shot, dealing a fresh setback to efforts to tackle the pandemic. Johnson & Johnson said it would delay rollout of the vaccine to Europe, a week after regulators there said they were reviewing rare blood clots in four recipients of the shot in the United States
Facebook oversight board widens scope to rule on content left up on platform
By Elizabeth Culliford (Reuters) - Facebook users will now be able to ask the company's independent oversight board to rule on content that has been left up on the platform, not just content that has been taken down, in a key expansion of the panel's scope. Facebook Inc created the board in response to criticism of its handling of problematic content, but researchers and civil rights groups have faulted it for its limited remit. Before this change, Facebook and Instagram users who had exhausted the appeals process could send cases of removed content to the board - but only the company itself could ask the board to review content left up on the platforms.
Oil rises 1% after robust China data but J&J vaccine pause weighs
By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices rose about 1% on Tuesday on strong Chinese import data, but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.
Toshiba CEO to step down as board meets Wednesday to consider his future - source
By Makiko Yamazaki, Noriyuki Hirata and Junko Fujita TOKYO (Reuters) - Toshiba Corp Chief Executive Nobuaki Kurumatani plans to step down as other board members consider his future at the industrial conglomerate amid controversy over a $20 billion buyout bid from his former employer, CVC Capital Partners, a source with knowledge of his decision said. Kurumatani, who has run the company for three years, faces a board meeting on Wednesday that will consider removing him, according to the source and another one with knowledge of the discussion. Local media said company Chairman Satoshi Tsunakawa was a possible successor
Apple backs far-reaching emissions disclosure rules
By Ross Kerber (Reuters) - Apple Inc on Tuesday called for the U.S. Securities and Exchange Commission (SEC) to require companies to disclose emissions including from their "value chain," according to a Tweet from Apple Vice President Lisa Jackson
Stellar Louis Vuitton growth powers strong rebound at LVMH
PARIS (Reuters) - Surging sales at Louis Vuitton and Dior powered a strong rebound at French luxury group LVMH in the first part of 2021, as thriving demand in Asia and the United States offset the drag from new coronavirus lockdowns in much of Europe. Overall revenues at the conglomerate, owner of more than 70 brands ranging from Moet & Chandon champagne to Guerlain cosmetics, returned to growth in the first quarter at a much faster pace than expected by analysts. Restrictions to fight the COVID-19 pandemic hit major markets such as China hard a year ago, but luxury customers have begun buying more online, and across much of Asia, stores have been open since last spring, driving a sharp recovery
Credit Suisse identifies $2.3 billion of exposed assets in Greensill-linked funds
By Brenna Hughes Neghaiwi and John Revill ZURICH (Reuters) - Credit Suisse has identified $2.3 billion worth of loans exposed to financial and litigation uncertainties in its Greensill-linked supply chain finance funds, it told investors on Tuesday. Switzerland's second-biggest bank has been reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management within a month. Its asset management unit was forced last month to shut $10 billion of supply chain finance funds that invested in bonds issued by Greensill after the UK firm lost credit insurance coverage shortly before filing for insolvency
U.S. consumer prices post biggest gain in 8-1/2 years as economy reopens
By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices rose by the most in more than 8-1/2 years in March as increased vaccinations and massive fiscal stimulus unleashed pent-up demand, kicking off what most economists expect will be a brief period of higher inflation